Plug Power (PLUG) Cut to “Hold” at Zacks Investment Research

Plug Power (NASDAQ:PLUG) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday.

According to Zacks, “Plug Power Inc. is a leading provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used primarily for the material handling and stationary power market. They are focused on proton exchange membrane, or PEM, fuel cell and fuel processing technologies, fuel cell/battery hybrid technologies, and associated hydrogen storage and dispensing infrastructure from which multiple products are available. They sell and continue to develop fuel cell product solutions to replace lead-acid batteries in material handling vehicles and industrial trucks for some of North America’s largest distribution and manufacturing businesses. Their current product line includes: GenDrive, GenFuel, GenCare, ReliOn, and GenKey. “

A number of other equities research analysts also recently weighed in on the stock. Cowen reaffirmed a “buy” rating and set a $3.00 price objective on shares of Plug Power in a research report on Sunday, September 17th. Craig Hallum boosted their price objective on shares of Plug Power from $3.00 to $4.00 and gave the company a “buy” rating in a research report on Friday, October 6th. FBR & Co reaffirmed a “buy” rating on shares of Plug Power in a research report on Tuesday, October 31st. B. Riley reaffirmed a “buy” rating on shares of Plug Power in a research report on Wednesday, November 1st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Plug Power in a research report on Thursday, November 9th. Three research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. Plug Power currently has an average rating of “Hold” and a consensus price target of $3.23.

Shares of Plug Power (PLUG) traded down $0.05 during trading on Friday, hitting $2.35. 4,622,522 shares of the stock were exchanged, compared to its average volume of 2,751,006. The firm has a market cap of $536.90, a price-to-earnings ratio of -3.85 and a beta of 1.64. The company has a current ratio of 1.29, a quick ratio of 0.86 and a debt-to-equity ratio of 0.62. Plug Power has a 1-year low of $0.83 and a 1-year high of $3.21.

Plug Power (NASDAQ:PLUG) last issued its earnings results on Wednesday, November 8th. The electronics maker reported ($0.04) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.04). The business had revenue of $61.43 million for the quarter, compared to analyst estimates of $54.57 million. Plug Power had a negative net margin of 96.27% and a negative return on equity of 83.93%. The company’s revenue for the quarter was up 249.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. equities analysts expect that Plug Power will post -0.51 EPS for the current year.

Several large investors have recently made changes to their positions in the stock. KBC Group NV grew its position in shares of Plug Power by 34.9% during the 3rd quarter. KBC Group NV now owns 162,549 shares of the electronics maker’s stock valued at $424,000 after buying an additional 42,024 shares during the last quarter. EAM Investors LLC grew its position in Plug Power by 83.0% in the 3rd quarter. EAM Investors LLC now owns 543,608 shares of the electronics maker’s stock worth $1,419,000 after purchasing an additional 246,620 shares during the last quarter. Swiss National Bank grew its position in Plug Power by 14.9% in the 3rd quarter. Swiss National Bank now owns 373,700 shares of the electronics maker’s stock worth $975,000 after purchasing an additional 48,500 shares during the last quarter. State Board of Administration of Florida Retirement System grew its position in Plug Power by 33.7% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 105,167 shares of the electronics maker’s stock worth $274,000 after purchasing an additional 26,530 shares during the last quarter. Finally, NJ State Employees Deferred Compensation Plan bought a new position in Plug Power in the 3rd quarter worth about $783,000. 24.30% of the stock is owned by institutional investors and hedge funds.

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About Plug Power

Plug Power Inc is a provider of alternative energy technology focused on the design, development, commercialization and manufacture of hydrogen fuel cell systems used for the industrial off-road market and the stationary power market. The Company’s product line includes GenKey, GenDrive, GenFuel, GenCare and ReliOn.

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